Machine Vision Market Scope & Overview
The Machine Vision Market, valued at USD 14.31 billion in 2022 according to the SNS Insider report, is projected to expand to USD 25.71 billion by 2030, with a compound annual growth rate (CAGR) of 7.6% anticipated during the forecast period of 2023-2030.
Machine vision, also known as computer vision, refers to the ability of machines to see, interpret, and comprehend visual information from the surrounding environment. It involves the use of advanced cameras, sensors, and algorithms to capture and process images or videos, enabling automated systems to make intelligent decisions based on visual data. Machine vision systems are widely used in manufacturing industries for quality inspection and defect detection. These systems can identify imperfections in products with unmatched precision, ensuring high-quality standards and minimizing production errors.
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Key Players Covered in Machine Vision market report are:
Allied Vision Technologies
Cognex Corporation
LMI Technologies
National Instruments Corporation
Sick
Basler
Keyence Corporation
Microscan Systems
OMRON Corporation
Tordivel.
Market Analysis
The relentless pursuit of technological excellence serves as a primary catalyst for the rapid growth of the machine vision market. Innovations in artificial intelligence (AI) and deep learning algorithms have significantly enhanced the capabilities of machine vision systems. These advancements enable machines to interpret complex visual data, identify patterns, and make informed decisions in real-time. Such progress fuels the adoption of machine vision across diverse sectors, from manufacturing and healthcare to automotive and agriculture. Machine vision systems, once considered high-end technologies, have become more accessible and affordable, driving their widespread adoption. Businesses recognize the cost efficiency of implementing machine vision for tasks such as automated inspection, quality assurance, and inventory management. The rapid return on investment (ROI) achieved through improved operational efficiency and reduced labor costs incentivizes organizations to integrate machine vision solutions into their workflows.
Machine Vision Market Segmentation as Follows:
BY COMPONENT
Hardware
Software
Service
BY PRODUCT
Smart Cameras
PC- based
BY DEPLOYMENT
Robotic cell
General machine vision system
BY APPLICATION
Quality Assurance & Inspection
Measurement
Predictive maintenance
Positioning & Guidance
Identification
BY END-USE INDUSTRY
Automotive
Food & Packaging
Consumer Electronics
Metals
Pharmaceuticals
Printing
Solar Panel Manufacturing
Electronics and Semiconductor
Glass
Wood and Paper
Rubber & Plastics
Machinery/Equipment
Textile
Segmented by Region/Country:
North America
Europe
China
Japan
Asia Other
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Impact of Recession
In the face of adversity, the machine vision market has showcased remarkable resilience. Companies have adapted swiftly, embracing cost optimization measures, diversifying their product offerings, and exploring new markets. Furthermore, advancements in artificial intelligence and machine learning have enhanced the capabilities of machine vision systems, making them more versatile and appealing to a wider array of industries. To mitigate the impact of reduced labor availability and ensure operational continuity, manufacturers are accelerating their automation efforts. Machine vision systems, with their precision and efficiency, have become instrumental in this transition, creating substantial opportunities for market players.
Impact of Russia-Ukraine War
The machine vision market heavily relies on the smooth functioning of supply chains, involving components like cameras, sensors, and processing units. Geopolitical tensions can disrupt these supply chains, leading to delays and shortages. In response to supply chain disruptions, the machine vision industry is likely to witness increased emphasis on technological innovation and localization. Companies might invest in research and development to create more resilient, self-reliant systems. Additionally, regional manufacturers could gain prominence, leading to a shift in the global market dynamics. This localized approach may foster collaborations, bolstering the resilience of the machine vision industry.
Key Regional Development
North America emerges as a powerhouse in the machine vision market, spearheading innovations that redefine industries. With a robust infrastructure and significant investments in research and development, countries like the United States and Canada have become hotspots for machine vision technology. Europe, known for its emphasis on precision engineering, has embraced machine vision technology to enhance efficiency and accuracy in manufacturing processes. Countries like Germany, France, and the United Kingdom are driving the adoption of machine vision solutions, especially in automotive and industrial applications. Asia-Pacific emerges as a dynamic hub of innovation, with countries like China, Japan, and South Korea leading the way. Rapid industrialization, coupled with the adoption of automation, has fuelled the demand for machine vision systems in this region.
Key Takeaway from Machine Vision Market Study
– The automotive segment stands tall, poised to dominate the market. This sector’s insatiable demand for cutting-edge solutions and unwavering commitment to innovation have positioned it as a key driver in the evolution of machine vision technologies. As the global emphasis on road safety intensifies, the demand for machine vision technologies in automobiles continues to soar.
– The robotic cell segment has emerged as a frontrunner, captivating the market with its innovative applications and unparalleled advantages. One of the key factors driving the dominance of the segment is its exceptional precision and accuracy. Machine vision algorithms within robotic cells possess the ability to detect even the minutest defects or variations in products
Recent Developments Related to Machine Vision Market
– Cognex Corporation has recently announced its acquisition of Moritex Corporation, a leading developer of machine vision optics. Moreover, this acquisition is poised to accelerate research and development efforts within Cognex. The combined intellectual capital of Cognex and Moritex is expected to yield breakthroughs in machine vision algorithms, optics, and sensors.
– CNH Industrial, a global leader in the development and manufacturing of agricultural and construction equipment, has successfully acquired Augmenta, a cutting-edge machine vision company, for a substantial USD 110 million. By assimilating Augmenta’s innovative machine vision capabilities, CNH Industrial aims to revolutionize precision farming and offer farmers cutting-edge tools to optimize their operations.
Table of Content – Analysis of Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Machine Vision Market Segmentation, By Component
9. Machine Vision Market Segmentation, By Product
10. Machine Vision Market Segmentation, By Deployment
11. Machine Vision Market Segmentation, By Application
12. Machine Vision Market Segmentation, By End Use Industry
13. Regional Analysis
14. Company Profiles
15. Competitive Landscape
16. Conclusion
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